ITC Infotech to acquire 22.1% stake in Happiest Minds for Rs 1,330 crore

Diversified conglomerate ITC Ltd on Monday said its wholly-owned subsidiary ITC Infotech will acquire a 22.1 per cent stake in Happiest Minds Technologies for around Rs 1,330 crore, as part of a deal which will lead to the merger of the two entities into a $1-billion tech giant.

The acquisition of 3,36,61,700 equity shares will be made from Happiest Minds’ promoter Ashok Soota and Ashok Soota Medical Research LLP in two tranches, ITC said in a regulatory filing.

Following the stake purchase, Happiest Minds will be amalgamated with and into ITC Infotech.